David Tepper
Appaloosa Management
In Q1 2026 he nearly doubled Amazon into his #1 position (AI angle = accelerating AWS), while trimming Nvidia and AMD and leaning into Micron — “betting on AI monetization and the memory cycle, not pure compute.”
Investment thesis
Known for contrarian, cyclical instincts, Tepper is rotating his AI exposure from chips toward where AI revenue actually lands.
Amazon became his largest position (~15%) as AWS grew 28% YoY in Q1 — its fastest in 15 quarters — at a high margin.
He trimmed Nvidia (~13%) and AMD (~32%), added Micron on the HBM shortage, and keeps China tech (incl. Alibaba) exposure.
Sources: Seeking Alpha — Tepper Appaloosa Q1 2026 update · 24/7 Wall St. — Tepper trimmed Nvidia/AMD, doubled an AI stock
Related themes
Compute & AI Chips
4 namesThe “pick-and-shovel” layer of the AI boom. Training and inference demand drives GPU/accelerator sales — the clearest cash flows today, but also the most crowded and richly valued.
Cloud & AI Infrastructure
3 namesThe layer that turns compute into rentable services: hyperscalers and emerging GPU clouds. Capex is enormous, but it locks in long-term AI workload demand.
China AI
3 namesThe AI story at China’s internet giants: in-house models + cloud + e-commerce/ad monetization. Usually cheaper than U.S. peers, but carrying policy and geopolitical risk.
Want to own what the legends own?
Once you’ve done the research, you’ll need a brokerage account for U.S. stocks. Common choices:
Popular with Chinese-speaking investors for U.S./HK stocks; quotes and community built in.
Learn more ↗U.S./HK brokerage for overseas Chinese investors with a friendly onboarding flow.
Learn more ↗The veteran global brokerage: low fees, broad market access, suited to long-term investors.
Learn more ↗This section contains referral links; we may earn a commission if you open an account through them. This does not affect our content and is not investment advice.